Hanley Economic BS extends 95% LTV new build offering

19 June 2018

Hanley Economic Building Society has extended the LTV on new build houses and flats to 95% across selected products within its residential mortgage range, including a shared ownership offering.

This move is in response to increased demand from intermediary partners where growing numbers of clients are reported to be seeking higher LTV lending options across a range of new build property types.

Products within Hanley’s residential range with lending of up to 95% LTV on new build properties are:

• A two-year 3.45% Shared Ownership Variable Discount Mortgage
• A five-year 2.95% Discount Mortgage
• A two-year 3.49% Fixed Rate Mortgage

To maintain regulatory and responsible lending boundaries, Hanley Economic Building Society has adopted an acceptable and unacceptable property remit, aligned with a robust manual underwriting process.

David Lownds, Head of Marketing & Business Development at Hanley Economic Building Society, commented:

“Many lenders have, in the past, avoided some areas of new build due to a lack of appetite and portfolio risk. Thankfully times are changing - albeit slowly - and therefore there are still only a few providers lending up to 95% LTV on both houses and flats.

“We are delighted to be in a position to extend our offering to increase competition within this narrow lending band. As a forward-thinking building society we are always looking for ways to evolve and innovate to meet the changing needs of all types of buyers. Greater choice, backed by a flexible and experienced manual underwriting process, will help even more homebuyers and intermediaries across the UK to realise the vast potential attached to the new build sector.”